A recent survey conducted by Mindtech, a leading developer of synthetic training data, revealed that an impressive 90% of automotive industry executives are utilising synthetic data. The study collected responses from 250 business leaders in the automotive sector in the US and UK, highlighting the increasing importance of optimized data practices and the growing focus on AI in today’s business landscape. Among the participants, 87% were familiar with synthetic data, citing quick problem-solving (29%), data quality (23%), and privacy compliance (21%) as key strengths. A significant number of respondents expressed dissatisfaction with their current real-world data practices, attributing the difficulty of finding suitable solutions as a major issue. Interestingly, 87% of participants identified AI as a key focus for their business in 2023, with automation being selected as the primary advantage by 25% of respondents. Solving complex problems (22.8%) and improved decision-making (21.8%) were also recognized as important benefits of AI. According to Steve Harris, CEO of Mindtech, the automotive industry is increasingly adopting synthetic training data to enhance AI vision systems and optimize data practices, marking a remarkable shift in technology adoption. Furthermore, 80% of automotive industry leaders identified electric and autonomous vehicles as crucial advancements by 2028. The survey findings emphasize the need for businesses to reassess their data practices and invest in AI-driven solutions in order to gain a competitive edge and meet evolving customer demands.
